Trio of Manitoba financial institutions could soon be merging
![money money](/content/dam/ctvnews/en/images/2023/5/12/money-1-6395650-1683893915632.jpeg)
A trio of financial institutions in the province are exploring the idea of combining their operations and creating a new credit union in Manitoba.
On Wednesday, Assiniboine Credit Union, Caisse Financial Group and Westoba Credit Union announced that they are exploring the idea of joining forces.
According to Crystal Laborero, the board chair for Assiniboine Credit Union, this merger could be beneficial as financial institutions are facing increased competition, member needs, technology investments, and a challenging economic environment.
“We are exploring whether together as one credit union, we could be stronger and better positioned to address these opportunities and challenges,” she said in a news release.
The three institutions have begun the exploration process, and are evaluating each other’s operations. This way they can ensure the potential new credit union will begin operations in a financially strong position.
“The decision on whether to come together as one will be guided by the question, is this collaboration in the best interests of our members, employees and communities,” said Garnet McBurney, board chair of the Westoba Credit Union,
“This includes a commitment to ensuring our values guide our decision making, and continuing to support the communities that make the partners who we are today – Manitoba’s rural, agriculture-based, urban, and French communities.”
Throughout the process, the institutions will consult with employees, members and communities to see what they want from their financial service provider.
If the process results in all three boards recommending a merger then regulatory and membership approval will be sought.
CTVNews.ca Top Stories
![](https://www.ctvnews.ca/polopoly_fs/1.6972157.1721587842!/httpImage/image.jpg_gen/derivatives/landscape_800/image.jpg)
Joe Biden drops out of 2024 race, endorses Kamala Harris to be Democratic nominee
U.S. President Joe Biden dropped out of the 2024 race for the White House on Sunday, ending his bid for re-election after doubts were raised about his fitness for office. Soon after, he endorsed Vice-President Kamala Harris to take his place in the November election.
Justin Trudeau reacts to Joe Biden announcing he won't run for re-election
Prime Minister Justin Trudeau responded to the news that U.S. President Joe Biden won’t run for re-election Sunday, calling Biden a 'true friend.'
Joe Biden wants to pass the baton to Kamala Harris. Here's how that might work
With U.S. President Joe Biden ending his re-election bid and endorsing Vice-President Kamala Harris, Democrats now must navigate a shift that is unprecedented this late in an election year.
The pilot who died in crash after releasing skydivers near Niagara Falls has been identified
NEW YORK (AP) — Officials on Sunday released the name of a pilot who died in a skydiving flight after her passengers jumped from the aircraft near the Niagara Falls.
Woman found dead in the water near Sunset Beach: Vancouver police
Investigators were at Vancouver’s Sunset Beach after a woman’s body was found in the water Sunday morning, according to authorities.
Ottawa man waiting nearly a year for car to be fixed at Acura dealership
An Ottawa man says he’s been waiting nearly a year for his car to be repaired after it was damaged during a storm in August.
Canadian musicians struggle to get visas to perform in the U.S., some cancel shows
Backlogs and processing delays of temporary U.S. visas required by entertainers, athletes and artists has forced some Canadian bands to cancel U.S. tour dates because paperwork wasn't processed in time.
Joy in Newfoundland after 'Lucky 7' fishers survive harrowing days lost at sea
There was a powerful word being repeated in the joyful Newfoundland community of New-Wes-Valley on Sunday: 'Miracle.'
A Florida woman was killed 24 years ago. DNA evidence just helped police make an arrest in the cold case
A Florida woman’s brutal killing nearly 25 years ago may finally be solved after authorities arrested the suspect this week, according to the Sanford Police Department.